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Payment codes can provide details to banks or payments systems about transaction handling, bank charges, or payment reasons for regulatory reporting purposes. Payment code types include: Bank instruction codes. Delivery channel codes.

The SWIFT code is used for all international transactions carried out by this bank. The code's function is to serve as a universal digital language for easy international money transactions. The idea makes for a simple, quick process. To get the code and join the network, a bank must opt into SWIFT payment.

An Online Payment Code (OPC) is a unique 5-digit number which you create within your Creation Mobile App or Online Account Manager.

A web payment service manages the transfers of funds from buyers to merchants who own e-commerce websites. It allows people to use both credit or debit cards and transfers the money directly into the merchant's account. Not to mention, it notifies both the customer and the merchant when a payment is made.

A vendor can also scan a QR code on their customer's phone. This code is provided by their bank or payment app and will contain their card details, which the business can use to finalise the transaction. We take a look at what QR codes are, what the payment benefits are, and how to use them in your business.

Payment Code means a code generated by PayPal on a mobile device that can be used by a buyer to pay by scanning or key- entering the value at a Merchant physical location. A Payment Code may be valid for a limited duration for one or more transactions in one or more Merchant locations.